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OPEC further cuts global oil demand forecast for 2024, 2025

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      China

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      OPEC further cuts global oil demand forecast for 2024, 2025

      2024-11-13 17:22 Last Updated At:11-14 00:07

      The Organization of the Petroleum Exporting Countries (OPEC) on Tuesday further trimmed its forecasts for global oil demand growth this year and next, marking the organization's downward revision for the fourth consecutive month.

      In its monthly oil market report for November, OPEC expected a "healthy" global oil demand growth of 1.82 million barrels per day (bpd) for 2024, but down about 107,000 bpd from the growth of 1.93 million bpd projected last month.

      OPEC attributed the adjustment to updated data for the first three quarters of this year.

      Meanwhile, the international organization estimates its 2025 global oil demand growth at 1.54 million bpd from last month's assessment of 1.64 million bpd.

      OPEC had already lowered its forecasts for global oil demand growth in 2024 and 2025 in its monthly market reports for three months in a row since August. It had maintained its global oil demand growth forecasts of 2.25 million bpd this year and 1.85 million bpd next year by August.

      Oil prices have generally trended downward in recent weeks amid concerns over slowing global demand.

      Early this month, eight member countries of OPEC+, a group comprising OPEC and its allies, announced an extension of their voluntary oil production cuts by a month until the end of December.

      OPEC further cuts global oil demand forecast for 2024, 2025

      OPEC further cuts global oil demand forecast for 2024, 2025

      OPEC further cuts global oil demand forecast for 2024, 2025

      OPEC further cuts global oil demand forecast for 2024, 2025

      OPEC further cuts global oil demand forecast for 2024, 2025

      OPEC further cuts global oil demand forecast for 2024, 2025

      Next Article

      "Ne Zha 2" enters all-time global box office top 9

      2025-02-17 22:02 Last Updated At:22:37

      Chinese animated sensation "Ne Zha 2" has made history once again, surpassing the 2015 film "Jurassic World" to secure a spot among the top 9 highest-grossing films of all time globally.

      According to box office tracker Dengta Data, as of Monday evening, the film's global earnings -- including presales -- had surpassed 12.12 billion yuan (about 1.67 billion U.S. dollars).

      On Friday, "Ne Zha 2" became the second-highest grossing animated film of all time, surpassing Disney's "Frozen II" from 2019.

      The film marks a significant leap forward from its predecessor, the animated hit "Ne Zha", which grossed 5 billion yuan (about 690 million U.S. dollars) to top the Chinese box office charts in 2019.

      The sequel continues the tale of Nezha, the iconic boy god from Chinese mythology. After their souls are saved, Nezha and his ally Aobing struggle to maintain their physical forms. With the help of the immortal Taiyi Zhenren, the two must navigate a series of challenges to rebuild their bodies and secure their fate.

      "Ne Zha 2" enters all-time global box office top 9

      "Ne Zha 2" enters all-time global box office top 9

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